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* Minister to revamp Sri Lanka Petroleum Ministry
Wed, Apr 28, 2010, 10:44 pm SL Time, ColomboPage News Desk, Sri Lanka.

Apr 28, Colombo: Aiming to revamp his ministry and increase productivity, Sri Lanka's new Petroleum Resources Minister Susil Premajayantha has asked all the current directors and chairmen of his ministry to hand over resignations from their posts.

The Minister plans to fill the position accordingly after all the resignations were handed over, a source said.

The heads of institutions within the Ministry have been advised not to leave the island.

The Minister has earlier suspended all the payments by the Ministry and plans to order an audit into the payments and purchases made by the Ministry up to 31st March.

The Minister noted that lack of proper management has caused the Ministry losses in billions in the past and actions would be taken to streamline the activities to remedy the situation.

The oil hedging agreement Ceylon Petroleum Corporation entered into with foreign banks during the escalation of fuel prices in world market in 2008 cost a whopping US $300 million to the government when the oil prices fell drastically following the global economic recession.

The Minister said the productivity of the institutions under the Ministry would be enhanced by strengthening the staff of the institutions.

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